Kraken Launches Krak App for Global Peer-to-Peer Crypto and Fiat Transfers

Kraken, one of the longest-operating cryptocurrency exchanges globally, has launched Krak, a dedicated peer-to-peer payments app that allows users to send and receive money in both digital and traditional currencies. The release marks Kraken’s official entry into the digital payments space, signaling a strategic expansion beyond crypto trading services.

The Krak app is now available on both iOS and Android, and can be used in over 100 countries, including major markets across Europe, Asia, Latin America, Australia, and select parts of Africa and the Middle East. The platform supports transactions in more than 300 assets, including prominent cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), USDT, and Solana (SOL), alongside a wide range of fiat currencies like the U.S. Dollar (USD), Euro (EUR), British Pound (GBP), and Japanese Yen (JPY).

Kraken’s entry into the payments sector brings it into direct competition with major financial tech platforms such as CashApp, Venmo, Revolut, and PayPal, all of which offer digital wallet services but often lack integrated crypto-to-fiat functionality.

Krak App: Key Features and Capabilities

• Multi-Asset Support: Users can transact across 300+ cryptocurrencies and fiat currencies.

• Instant Peer-to-Peer Transfers: Funds can be sent and received instantly across borders with no delays.

• Blockchain-Powered Crypto Payments: All crypto transactions are executed on-chain for security and transparency.

• Bank-Free Fiat Transfers: Fiat currency payments are processed through Kraken’s internal infrastructure, avoiding delays linked to traditional banking rails.

• Dedicated Spend Account: Each user has a wallet-style account to hold and manage funds, similar to neobanks.

• Cross-Border Functionality: Designed for international use, the app simplifies sending money between countries without currency conversion delays.

• Security Framework: Backed by Kraken’s regulatory licenses and global compliance infrastructure developed over a decade.

In an interview with Reuters, Kraken co-CEO Arjun Sethi emphasized that the payments capability was a natural extension of the company’s core technology stack:

“We’ve already built the legal and technical framework for moving money globally. Launching Krak wasn’t about starting something new—it was about giving users more ways to use what they already have with us.”

The release of Krak follows closely after Kraken's recent announcement regarding xStocks—tokenized equity products based on U.S. stocks. These digital assets will be rolled out in select non-U.S. markets, offering users exposure to traditional equities through blockchain-based assets.

By offering both investment and payment tools in one ecosystem, Kraken is positioning itself as a hybrid between a crypto exchange and a full-scale financial services provider.

Future Roadmap

Kraken has confirmed that additional features will be integrated into Krak in the coming months. These include:

• Virtual and Physical Debit Cards: Linked to user wallets, enabling spending at retail outlets and online merchants.

• Prepaid Account Options: Allowing users to load funds in advance for planned expenses or international use.

• Short-Term Lending Products: Built-in lending and borrowing features with simplified access to credit against crypto holdings.

• Merchant Tools (Planned): Support for small businesses to accept payments via Krak.

Kraken Uses Existing Licenses to Power Krak App Launch

With the launch of Krak, Kraken is moving to position itself beyond a digital asset exchange and into the realm of practical financial infrastructure. The app's ability to process crypto and fiat payments instantly across borders reflects a shift in Kraken’s product strategy—from trading-focused tools to utility-driven services aimed at regular users.

Unlike most crypto apps that rely on external partners for fiat movement, Krak operates entirely within Kraken’s own framework. That gives the company more control over costs, speed, and compliance—a distinct advantage in global markets where delays and banking restrictions still limit digital finance adoption.

This development comes shortly after Kraken’s announcement of xStocks, its tokenized equity offering, underscoring a broader expansion plan. Together, Krak and xStocks indicate that Kraken is rolling out services designed not only for crypto enthusiasts, but also for users looking for alternatives to traditional banking and investing platforms.

Also Read: Kraken Launches Kraken Prime, a Full-Service Prime Brokerage for Institutional Crypto Clients